Crude oil futures were sharply higher in mid-morning Asian trade Feb. 28 as Russia puts its nuclear deterrence force on alert following a new round of financial sanctions imposed on the country after its military advanced into Ukraine over the weekend. The US, Canada, and European allies on Feb. 26 imposed new financial sanctions on Russian banks, including curbing access…
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The OPEC+ cooperation is facing a possible breakdown following Russia’s military invasion of Ukraine. Russia’s aggressive military moves towards Ukraine will have a negative impact on the oil market cooperation between OPEC and Russian-led non-OPEC members. The success formula of Riyadh-Moscow-Abu Dhabi is in serious trouble as Western powers will be putting Saudi Arabia, Abu Dhabi, and others, under severe…
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THAR: Pakistan has witnessed a mushroom growth of electricity generating facilities in the last decade, but inefficient power evacuation networks, over-generation capacity and overloaded transmission systems are forcing the producers to downsize their planned expansions. The Sindh Engro Coal Mining Company (SECMC) is among those major players, which has slashed its initial plan of installing 5,280MW power generation plants in Thar Block-II…
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The Pakistan Atomic Energy Commission (PAEC) and China Zhogyuan Engineering Cooperation signed a “Framework Agreement on Deepening Nuclear Energy Cooperation” in September 2021, but such nuclear cooperation dates back to the late 1970s. There has been a lengthy history of nuclear cooperation between China and Pakistan. Nuclear cooperation is aimed towards country development under IAEA norms. Pakistan and China have never…
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The global wave of inflation has hit Pakistan hard. The low-income segment of the society has particularly been affected by the sharp rise in the prices of basic kitchen items. The average inflation based on the Sensitive Price Indicator (SPI) increased 18.09 per cent on a year-on-year basis by the week ended February 18, 2020, but, for the lowest income…
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Weighted average cost of gas (WACOG) Bill is a positive sign for Pakistan, as it would ensure gas availability across all sectors countering the impact of depleting domestic gas reserves. Under the new pricing mechanism, the ratio of supply of local gas and the liquefied natural gas (LNG) would change to 50/50 from the current 70/30 in two years and 80/20…
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The Businessmen Panel (BMP) of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday called for early completion of renewable energy projects, besides removing the hindrances to avoid delay, as the execution of several wind, solar and hydel power projects are getting delayed. The Businessmen Panel (BMP) Chairman Mian Anjum Nisar warned the government of the impediments including…
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Pakistan Petroleum Limited (PSX: PPL) announced its financial performance for 1HFY22 last week where its earnings for the six-month period were seen increasing by 21 percent year-on-year. The same was seen growing by 24 percent year-on-year in 2QFY22. The growth in bottom line was however not due to higher oil and gas production. Though PPL is an aggressive E&P sector…
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